The world as we know it is going to change, albeit sometime in the future, but we need to start preparing ourselves for the upheaval. Most, if not all of us in the insurance industry, have been anticipating the introduction of the ‘Twin Peaks’ approach to financial sector regulation. The Act has now been signed into law although no commencement date has been gazetted yet. We remind you in broad strokes of the impact of the Act below…
Two matters need our attention this month, as they could / will have an impact on the way in which we will do business going forward. What makes it difficult in trying to analyze the impact of these pieces of legislation is that both appear to be interim measures, with no clarity or finality as to their exact application. The legislation we are referring to includes the Financial Intelligence Centre Act (which we briefly looked at in June) and the Financial Sector Regulation Bill.
Although another relatively quiet month on the legislative front, two matters that were published could have a significant impact on all of us, and we therefore need to make a note of them. The first one relates to a Discussion Paper issued by the Department of Home Affairs relating to its repositioning, and the second relates to the intention of the Ministry of Transport to introduce the Road Accident Benefit Scheme Bill.
Yet another relatively quiet month on the legislative front. One could have expected some interest for us, with the Financial Intelligence Centre Act being signed, but the commencement date has not yet been determined, so we’ll leave that for a later date.
Yet another month of little activity on legislation which may impact our industry, although some previously announced amendments came into effect on 1 April 2017. While not having a direct impact on us, those involved in the property industry or who have clients who are involved, should take note of the draft Property Practitioners Bill, which looks at repealing the Estate Agency Affairs Act (see brief note below).
Welcome to the April edition of the Leppard Legislation Watch, after complaining in last month’s newsletter about the amount of legislation that is gazetted each month, and the difficulty in trying to stay up-to-date, this month’s newsletter is relatively short.